AskAuto™ Helps Credit Unions Reach Members through Patent-Pending Innovation
WASHINGTON – CUNA Mutual Group on Monday unveiled new technology at CUNA’s Governmental Affairs Conference that assists credit union members in shopping for and purchasing a vehicle.
AskAuto™ is a downloadable smartphone and tablet application that offers credit union members vehicle information and loan application assistance to simplify their vehicle-buying experience.
“It’s easy to use, and will help credit union members shop and buy smart,” said Steve Hoke, director of loan growth products at CUNA Mutual Group and product leader for AskAuto. “This technology gives members the ability to apply for a loan anytime, anywhere using their smartphone,” Hoke added.
By scanning the vehicle identification number (VIN), the member learns basic vehicle information, including average retail cost of the new or used vehicle and EPA mileage estimates. The application saves this information along with the member’s notes and ranking preferences to allow for an easy comparison between vehicles before deciding to purchase. Once a decision is reached, the member can also submit a credit union loan application through AskAuto.
The comparison feature is really important to members, Hoke said. Forty-four percent of likely car buyers plan to use a smartphone to compare prices on the dealer lot (“Mobile Auto Insights,” Greystripe, Inc., April 2011).
“AskAuto also gives credit unions the ability to send messages to their members while the member is on a car dealer’s lot using GPS technology,” Hoke said.
Hoke explained AskAuto uses patent-pending technology to help credit unions reach their members on the car dealer lot by sending messages to them. These messages are customizable and can provide members guidance on the best loan available from their credit union.
“AskAuto informs, empowers and meets the expectations of tech-savvy, younger members just entering their peak borrowing years,” Hoke said.
The technology utilizes CUNA Mutual Group’s loanliner.com® product, which is used by more than 500 credit unions nationwide.
The loanliner.com application system leverages CUNA Mutual Group's LOANLINER® lending solutions to ensure the application presented to the member complies with all appropriate state and federal regulations and required disclosures. Where available the loanliner.com application system interfaces with credit union's loan origination system to provide an underwriting decision back to the member in seconds and then transports application data back to the loan origination system.
More than $600 million in loan requests have been submitted via CUNA Mutual Group’s smartphone loan technology since it debuted in June of 2011, and 45 percent of smartphone loan applicants express interest in payment protection products, Hoke said.
Early adopter credit unions will begin using AskAuto in March, and the full release is scheduled for early this summer.
CUNA Mutual Group insurance, retirement and investment products provide financial security and protection to credit unions and their members worldwide. With more than 75 years of true market commitment, CUNA Mutual Group’s vision is unwavering: To be a trusted business partner who delivers service excellence through customer-focused products and market-driven insight. More information on the company is available on the company’s website at www.cunamutual.com
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company. Property and casualty insurance products are issued by CUMIS Insurance Society, Inc. Each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Corporate headquarters are located in Madison, Wis.
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